Payment service provider SafeCharge (LSE: SCH) is making good progress with its strategy to win Tier 1 customers within new target verticals and markets. Today the AIM-listed company announced its follow-on investment in Nayax Ltd, an Israeli technology company that specializes in providing credit card payment systems for vending machines.
According to a company statement, SafeCharge raised its bet on Nayax’s cashless payment solutions and its total investment now stands at $24.5 million.
The new infusion of funds will accelerate Nayax’s fast growth. Since taking an initial investment from SafeCharge one year ago, Nayax solutions have been integrated with SafeCharge’s cards acquiring and payments platform to deliver a scalable solution for unattended payments in over 200,000 devices worldwide, operating in more than 50 countries and 26 currencies.
The Tel Aviv-based company was founded in 2005 and its headquarters are located in Hunt Valley, USA, while its main client base is in Europe. The company has R&D and manufacturing bases in Israel and beyond, including the US, UK, China, Italy and Germany.
Nayax’s main business line is development, manufacturing and sales of cashless payment and telemetry systems, as well as relevant equipment.
SafeCharge CEO David Avgi comments on the new investment: “We are excited to play a key role in the enablement of contactless payments through our card acquiring platform. This investment follows a successful processing of Nayax through our platform in 2017. Nayax technology is helping unattended commerce to grow globally, helping consumers on-the-go to pay for low ticket items quickly and securely thanks to their unique cashless and telemetry technology.”
Nayax’s CEO Yair Nechmad, adds: “We selected SafeCharge as our preferred card acquirer and strategic investor. Safecharge’s unparalleled conversion rate, service quality, superior analytics and fully transparent financial reporting are key for the optimised operation of our business. Our unique partnership has enabled us to accelerate our growth and we look forward to continuing to collaborate closely with Safecharge.”